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The purpose of this article is to explore the market reactions and determinants to 180 investor presentations by the German DAX 30 companies illustrating half-year and year-end results from 2010 to
2012. Therefore, an event study is conducted. In line with previous studies, the article finds significantly Abnormal Returns (ARs). For 57 of 180 presentations, the most significant presentat
ion impact is
realized directly on the presentation dates, with a similar distribution of half
-year and year-end presentations. Nearly two thirds refer to significantly positive ARs, which is i
n line with the general DAX
performance in the examined three years period. Pre-market or delayed market reacti
ons do not exist.
Furthermore, Operating Cash Flow (OCF), as a possible market reaction determinant is tes
ted. The
change of OCF shows a significant medium correlation. The article indicates
that investor present actions are informative events, where the preparation and the surroundings play a minor role.